U.S.-listed Chinese tech stocks slid Thursday morning. Beijing's cautious 2026 economic growth target rattled traders before the opening bell.

Beijing Cuts Growth Ambitions to 4.5–5%

China set its 2026 Gross Domestic Product growth target at 4.5% to 5%. That marks the lowest level since Beijing began publishing such figures in the early 1990s.

Chinese Premier Li Qiang described the current climate as exceptionally "grave and complex." He cited intertwined external shocks, domestic challenges, and difficult policy choices at the opening of the National People's Congress on Thursday.

The target follows three straight years of "around 5%" goals. China met those targets despite COVID-19 aftershocks and Trump tariffs.

Alibaba, NIO, JD.com Fall in Premarket

Alibaba Group Holding Limited (NYSE:BABA) fell 2.55% in premarket trading on Thursday to $129.87 after closing Wednesday at $133.27.

NIO Inc. (NYSE:NIO) slipped 1.24% to $4.78, down from its previous close of $4.84.

JD.com Inc. (NASDAQ:JD) declined 1.73% to $24.96 after ending the prior session at $25.40.

Baidu Inc. (NASDAQ:BIDU) edged down 0.22% to $118.72, compared with its previous close of $118.98, according to Benzinga Pro data.

Hong Kong's Hang Seng TECH Index also retreated. It fell 0.69% to 4,796.33, per index data.

Trade Summit, Energy Pressures Cloud Outlook

Headwinds extend beyond domestic economics. China's factory activity contracted for a second straight month in February, per data released Wednesday. An extended holiday disrupted production.

Energy access is also tightening. Mohamed El-Erian, chief economic adviser at Allianz, noted China has lost access to discounted Venezuelan oil. Disruption to Iranian supplies, amid the closure of the Strait of Hormuz, adds further pressure.

On the trade front, Chinese President Xi Jinping is scheduled to meet President Donald Trump in April. The three-day summit in China is expected to cover trade, technology and Taiwan.

JD.com Margins Come Under Pressure

The broader economic slowdown is colliding with intensifying competition at home. JD.com reported its fiscal fourth-quarter results Thursday, posting a 1.5% year-over-year increase in revenue to $50.38 billion.

However, marketing expenses jumped 50.6% to $3.6 billion. Aggressive price competition with Alibaba and Meituan weighed on profitability, pushing JD's adjusted operating margin down to negative 0.9% from 3.0% a year earlier.

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